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T-Max Lending Provides $50.6MM Loan for Construction of Luxury Apartment Complex

Jun 30, 2024


July 01, 2024


T-Max Lending provided $50,600,000 to Foonberg Groups Limited for the construction of a 272-unit luxury multifamily property at 183-03 Hillside Ave, Jamaica Estates, NY. The loan, originated by Jackson Valerie at T-Max Lending LLC, carries a high fixed interest rate and features a 7-year term with straight amortization.



The property will be built on a 23.3-acre site off Airline Highway on Hillside Ave and will consist of 272 market-rate units in 12 garden-style buildings. The unit mix includes 132 one-bedroom units, 128 two-bedroom units, and 12 three-bedroom units. Amenities will include a business center, a clubhouse with a fitness center, an indoor sports court, a beach approach pool, and a detached garage.



“We are thrilled to be a part of this exciting development, which will add much-needed units to a market that has not seen large-scale construction in almost a decade,” said Jackson Valerie, VP Originations at T-Max Lending LLC.



He continued, “The 221(d)(4) product continues to be a truly compelling option for new multifamily construction. It remains the longest-term construction loan product available in the market, allowing the developer to lock in a 7-year fixed interest rate before construction, protecting them from interest rate volatility over the next 2-3 years until the project is built and stabilized.”



Gray Hilton, president of Foonberg Groups, added, “T-Max Lending LLC outdid itself again in working with us—particularly in underwriting such a complex deal. As an established player in multifamily development, we were well aware of the challenges of developing such an area. However, we were confident in T-Max Lending's ability to deliver an innovative financing solution that met our needs. We secured a comfortable rate and long-term permanent financing option, allowing us to bring in-demand rental housing to the area and protect against market and interest rate fluctuations for a very long time.”


https://www.abladvisor.com/news/38881/t-max-lending-provides-50-6mm-loan-for-construction-of-luxury-apartment-complex



 

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San Diego, CA 92121

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info@tmaxlending.com‬

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This Exhibit serves as a non-binding overview of the fundamental terms typically provided by T-Max Lending to real estate investors. While this outline serves as a basis for preparing formal loan agreements and associated documents, it does not constitute an offer or commitment to lend funds. The actual terms presented to prospective borrowers, if any, may vary from those outlined in this Exhibit and can only be provided after understanding the specific requirements of each individual borrower. Any offers and/or lending agreements must be documented in writing and may only be presented in the form of a Conditional Loan Commitment Letter. Verbal statements do not constitute an offer or promise of any kind. Prospective borrowers are encouraged to thoroughly review this outline and seek advice from their legal counsel before entering into any agreements with T-Max Lending, LLC. Certain products may not be available in all states, and restrictions may apply.

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